Stitch Fix plummeted today, but it's getting some late-day buying volume at this support node near 27.
We could see a rebound tomorrow, forming something of a bullish bat pattern.
We could see a rebound tomorrow, forming something of a bullish bat pattern.
Nota
Made some bullish RSI and MACD divergences this week.Nota
I chickened out of this trade this afternoon because SFIX made a lower high and a lower low, and I saw this mini inverted cup and handle (the black lines) with an implied price target of about 25.50. I also don't love to hold stocks over the weekend. Too much exposure to unexpected news.However, the cup and handle pattern is much more meaningful on a larger time scale, so I may have exited prematurely. Notice that SFIX has formed a much larger inverted cup (the purple line) and has bullish divergence on the RSI and MACD, which implies at least a short-term rebound. If it does, target that volume node at 28.59 to take profit.
Nota
Sorry, forgot to post this chart with my last update:Nota
SFIX upgrade from Stifel ahead of earnings.Nota
SFIX breakout upward through trend line just now.
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